Money talks in the WSL, but can teams with small budgets compete? | OneFootball

Arsenal remain among the WSL elite, but a closer look at club finances reveals the scale of what it takes to compete, and what stands in the way of change.

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As clubs release their financial accounts for the 2023/24 season via Companies House, it comes as no surprise that the top four teams in the Women’s Super League (WSL) are also those with the largest budgets.

Chelsea lead the pack with £20.217 million, followed by Arsenal with £15.369 million, Manchester City at £10.138 million, and Manchester United with £8.97 million.

Interestingly, in 2023/24, Liverpool, operating on a £4.213 million budget, managed to finish above United in fourth place. Meanwhile, Tottenham (£7.016 million), Leicester (£5.284 million), and Brighton (£6.58 million) all reported higher budgets than United.

Notably, Aston Villa and West Ham have not submitted financial accounts for several seasons.

Resources, training conditions, squad depth, and overall player quality are all tightly linked to club spending. Breaking into the Champions League places requires significant investment, not only in players but also in infrastructure and non-playing staff. Competing at the top level is no longer just about talent; it is about scale.

Could a smaller club defy the odds and replicate what Leicester City’s men’s team achieved in the Premier League? Possibly, if fortune favours them and the spine of their team remains fit across the 22-game campaign. Without that, a smaller squad simply cannot withstand the impact of injuries.

To challenge seriously, such teams need a consistent defence capable of keeping clean sheets, a prolific striker, and reliable midfielders capable of contributing both defensively and offensively. Clubs with limited budgets may possess some of these components, but rarely all at once.

As such, success depends on smart recruitment and unearthing hidden gems to develop internally.

A further structural issue is the widening gap between the Championship and the WSL. The last two promoted teams – Bristol City and Crystal Palace – were both immediately relegated.

Bristol City lacked the resources to strengthen their squad meaningfully. The club’s men’s team posted pre-tax losses of £22.2 million for the 2023 financial year, leaving the women’s team with just £2.532 million in funding.

This season, Crystal Palace did increase their budget to £1.618 million, but their recruitment strategy faltered. They released nearly half the squad that secured promotion, and their signings arrived late in pre-season, offering inconsistent quality. The managerial change came too late, and relegation followed.

Women’s football in England has increasingly followed the path of the men’s game, with wealthier clubs, often the women’s sides of club’s with powerful men’s sides, dominating through sheer financial firepower. That trajectory was, in many ways, an intentional outcome of the FA’s efforts to professionalise the WSL.

Independent women’s teams have struggled to reach the elite level and, until now, have posed little threat to the league’s hierarchy.

However, that could change next season with the promotion of the London City Lionesses. Uniquely, they are an independent outfit but backed by influential multi-club owner Michelle Kang, who also owns Washington Spirit in the United States and Olympique Lyonnais in France.

Can a different business model succeed in this landscape? We may soon find out.